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U.S. Commodity Futures Trading Commission (CFTC)

Public Meeting to Examine Futures & Options Trading in the Metals Markets

March 25 2010

This testimony provides a brief regulatory history of speculative position limits relating to the metal markets – precious,base and ferrous. Futures contracts on both precious metals and base metals are traded primarily by the CME Group in New York at the New York Mercantile Exchange, Inc. (NYMEX) and the Commodity Exchange, Inc. (COMEX) as well as CME Globex. NYSE Liffe US also trades futures contracts on precious metals that were formerly traded at the Chicago Board of Trade (CBOT). NYMEX, COMEX and NYSE Liffe US are the only exchanges that continue to trade metal futures contracts in the U.S.

The precious metal contracts consist of gold, silver, palladium and platinum while the base metals include copper and uranium. A ferrous metal contract – steel index futures—is also offered by the CME Group. Physical and cash-settled futures contracts are available on gold, silver and copper while platinum and palladium remain physically-settled contracts. The uranium and steel index futures contracts are limited to cash-settlement.

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CFTC Examination of Futures & Options Trading in the Metals Markets

The presentations made by each participant are linked below...

Panel One:
Dan Berkovitz, General Counsel, CFTC
Public Meeting to Examine Futures and Options Trading in the Metals Markets

Speculative Position Limits and Metals - A Brief Regulatory History

Steve Sherrod, Division of Market Oversight, CFTC
General statistical information regarding gold, silver and copper markets
   Panel Three:
Tom Callahan, NYSE Euronext
Testimony of Tom Callahan, CEO NYSE Liffe U.S. NYSE Euronext

Dr. Henry G. Jarecki, Gresham Investment Management

Bill Murphy, Gold Antitrust Action Committee
Gold Anti-Trust Action Committee (GATA) statement to expose and oppose the manipulation and suppression of the price of precious metals

Kevin Norrish, Barclays Capital

John Lothian, John Lothian & Co.
Panel Two:
Jeff Burghardt, Luvata
Vice President, North American Metal Procurement and Global Utilities

Jeremy Charles, HSBC Bank USA
Examination of Futures and Options Trading in the Metals Markets

Tom LaSala, CME Group
Meeting on Metals Position Limits and Hedge Exemptions

Mark Epstein, Individual Trader
Perspective of an individual trader in the futures markets

Lending Guidance fro LME Metals

Diarmuid O’Hegarty, London Metals Exchange
  Panel Four:
Richard Strait, Triland USA, Mitsubishi Corporation
Consideration of position limits placed on US metals futures contracts

Simon Grenfell, Deutsche Bank

Mike Masters, Masters Capital
Discussion of speculative position limits for metals

Harvey Organ, Individual Investor
Comments for the Commission for the Public Hearing on the Metals Markets

Jeffrey Christian, CPM Group
Commodities Research, Consulting, Asset Management, and Investment Banking